France: first impact of the war in Ukraine

The war in Ukraine, practically on our doorstep, is a rare event that will likely have long-term consequences in many areas (defence, energy, geopolitics). Without any delay, it also alters the economic outlook by accentuating price tensions and prolonging logistical disruptions. Prior to the outbreak of this war, the French economy was looking very solid in terms of activity and employment. Faced with a shock, a healthy body is in theory more resilient than a sick one. The busin...